GPU Utilization (March)
~80%
+8pp YoY
Overall capacity utilization reached ~80% in March, up from ~72% in Q4 FY25.
E2ENETWORKS
Information Technology
23 Apr 2026
E2E Networks Ltd — Q4 FY26
E2E Networks delivered a standout Q4 FY26 with revenue surging 186% YoY to ₹95.6 crore, driven by strong GPU utilization (~80% in March) and operating leverage.
Financial stats pending filing verification
2-Minute Summary
✦ AI-Generated from Full Transcript
E2E Networks delivered a standout Q4 FY26 with revenue surging 186% YoY to ₹95.6 crore, driven by strong GPU utilization (~80% in March) and operating leverage. EBITDA margin expanded 413 bps sequentially to 60.7%, while PAT turned positive at ₹2.2 crore vs a loss in Q3. The company is scaling aggressively: a 1,024-GPU B200 cluster goes live mid-May, with another 1,024 planned, targeting at least 6,000 GPUs under management by FY27-end. Management is exploring asset-light partnerships (e.g., L&T MoU) to accelerate capacity without diluting equity. Demand remains robust across inference and training, with pricing stable to firm. Key risk: execution delays in Blackwell deployment could push revenue recognition and strain near-term cash flows.
Key Numbers
International Revenue Share
35-37%
flat
International customers contributed 35-37% of Q4 revenue, consistent with prior quarters.
GPU Capacity Under Management
3,900
+144% YoY
Total GPU capacity (including CPU/storage) stood at 3,900 units as of March 2026.
B200 Cluster Deployment
1,024 GPUs
new
First 1,024-GPU B200 cluster expected to go live mid-May 2026; second cluster planned.
Management Guidance
B200 cluster go-live mid-May 2026
First 1,024-GPU Blackwell cluster to be operational by mid-May; second 1,024 cluster in subsequent months.
Management guidance expansionMinimum 6,000 GPUs under management by FY27-end
Management guided at least 6,000 GPUs under management by end of FY27, with potential upside.
Management guidance growthExploring asset-light partnerships for GPU expansion
Company is evaluating structured financing and partnerships (e.g., L&T MoU) to accelerate capacity without diluting equity.
Management guidance expansionKey Risks
Blackwell deployment delays
B200 cluster delayed from earlier timeline; any further delays could impact revenue ramp and customer commitments.
high · analyst_questionLumpy revenue from small GPU base
Despite improving, revenue remains lumpy due to small absolute GPU count; large customer churn could cause volatility.
medium · analyst_questionDepreciation drag on reported profitability
Depreciation rose to ₹51.3 crore in Q4, driven by heavy capex; PAT may remain under pressure until utilization fully ramps.
medium · data_observationCompetition and GPU pricing pressure
Rapid tech advancements (e.g., Vera Rubin) and domestic competitors could pressure GPU rental pricing over time.
medium · analyst_questionNotable Quotes
We have consistently met the industry benchmarks for performance for inference or training or GPU deployment under our management.
Don't look at us as an asset monetization business. Look at us as a technology business.
We continue to drown in opportunity. What we capitalize on we will come and inform the market.
Frequently Asked Questions
What was E2E Networks's revenue in Q4 FY26?
E2E Networks reported revenue of ₹96 Cr in Q4 FY26, representing a +186% change compared to the same quarter last year.
What guidance did E2E Networks management give for FY27?
B200 cluster go-live mid-May 2026: First 1,024-GPU Blackwell cluster to be operational by mid-May; second 1,024 cluster in subsequent months. Minimum 6,000 GPUs under management by FY27-end: Management guided at least 6,000 GPUs under management by end of FY27, with potential upside. Exploring asset-light partnerships for GPU expansion: Company is evaluating structured financing and partnerships (e.g., L&T MoU) to accelerate capacity without diluting equity.
What are the key risks for E2E Networks in FY27?
Key risks include Blackwell deployment delays — B200 cluster delayed from earlier timeline; any further delays could impact revenue ramp and customer commitments.; Lumpy revenue from small GPU base — Despite improving, revenue remains lumpy due to small absolute GPU count; large customer churn could cause volatility.; Depreciation drag on reported profitability — Depreciation rose to ₹51.3 crore in Q4, driven by heavy capex; PAT may remain under pressure until utilization fully ramps.; Competition and GPU pricing pressure — Rapid tech advancements (e.g., Vera Rubin) and domestic competitors could pressure GPU rental pricing over time..
Did E2E Networks meet its previous quarter's guidance?
Scorecard data is being built as historical quarters are processed.
Where can I read the full E2E Networks Q4 FY26 concall transcript?
The full earnings conference call transcript or source release is available on the linked source material. This page provides an AI-generated summary with filing verification status shown on the financial stats.